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 Post subject: Developer McKillen takes first legal challenge against Nama
PostPosted: Wed Jul 07, 2010 9:02 am 
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Too Big to Fail

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Developer McKillen takes first legal challenge against Nama
http://www.irishtimes.com/newspaper/fro ... 92873.html
SIMON CARSWELL, Finance Correspondent

THE FIRST legal challenge has been taken against the National Asset Management Agency (Nama) to stop the transfer of loans from a multimillion-euro borrower whose bank debts are earmarked for transfer to Nama over the coming months.

Businessman Paddy McKillen, owner of the Jervis Shopping Centre in Dublin, is trying to prevent the transfer of his loans and those of his business from Bank of Ireland and Anglo Irish Bank to Nama.

He is understood to be claiming their transfer would have a negative effect on his business.

Mr McKillen and 15 of his property companies have begun a judicial review case against Nama, the State and the Attorney General in the High Court to challenge the legality of the State agency.

A spokeswoman for McKillen’s companies said: “There is no justification in Nama taking our loans. All our loans are fully performing against quality assets, with no land and developments. We are simply protecting our business.”

Details of the legal action emerged as Nama sharply reduced the return that it expects to make over seven to 10 years from €4.8 billion to €1 billion in a revised business plan published yesterday.

Nama also dramatically cut the estimate on the number of performing loans on which developers are paying interest, showing that a further €12 billion in loans are not deemed to be performing.

Some 25 per cent of €81 billion in loans to be acquired by Nama are performing, compared with last year’s estimate of 40 per cent.

more

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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Wed Jul 07, 2010 10:51 am 
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Single Home Owner

Joined: Jan 13, 2009
Posts: 177
BrendanG wrote:
Quote:
Developer McKillen takes first legal challenge against Nama
http://www.irishtimes.com/newspaper/fro ... 92873.html
SIMON CARSWELL, Finance Correspondent

THE FIRST legal challenge has been taken against the National Asset Management Agency (Nama) to stop the transfer of loans from a multimillion-euro borrower whose bank debts are earmarked for transfer to Nama over the coming months.

Businessman Paddy McKillen, owner of the Jervis Shopping Centre in Dublin, is trying to prevent the transfer of his loans and those of his business from Bank of Ireland and Anglo Irish Bank to Nama.

He is understood to be claiming their transfer would have a negative effect on his business.

Mr McKillen and 15 of his property companies have begun a judicial review case against Nama, the State and the Attorney General in the High Court to challenge the legality of the State agency.

A spokeswoman for McKillen’s companies said: “There is no justification in Nama taking our loans. All our loans are fully performing against quality assets, with no land and developments. We are simply protecting our business.”

Details of the legal action emerged as Nama sharply reduced the return that it expects to make over seven to 10 years from €4.8 billion to €1 billion in a revised business plan published yesterday.

Nama also dramatically cut the estimate on the number of performing loans on which developers are paying interest, showing that a further €12 billion in loans are not deemed to be performing.

Some 25 per cent of €81 billion in loans to be acquired by Nama are performing, compared with last year’s estimate of 40 per cent.

more



Seems our banks are entirely untrustworthy. AIB shares down 7c this morning. If you were a serious investor how would you assimilate this story into your investment portfolio policy


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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Wed Jul 07, 2010 10:54 am 
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Of Systemic Importance

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Posts: 5579
I thought a lender could sell their loan book on to whomever they liked at any time. Would a judge want to do anything to prevent this.


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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Wed Jul 07, 2010 11:23 am 
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dipole wrote:
I thought a lender could sell their loan book on to whomever they liked at any time. Would a judge want to do anything to prevent this.


Exactly.
There is nothing that can be done.
The bank is the owner of the loan, hence they can sell it to whoever they want.


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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Wed Jul 07, 2010 11:42 am 
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Joined: Jun 9, 2009
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So if Mr McKillens loans are fully performing does that mean that NAMA paid 100% of their value to the relevant bank(s)?


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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Wed Jul 07, 2010 7:12 pm 
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Under CAB Investigation
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Posts: 1621
Are Nama taking this performing loan to bolster their recovery statistics?

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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Wed Jul 07, 2010 8:16 pm 
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bilbot79 wrote:
Are Nama taking this performing loan to bolster their recovery statistics?

yes. thats the entire point of they taking performing loans - to whitewash the disasterous results elsewhere


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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Sun Jul 18, 2010 9:54 pm 
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NAMA seeking to fast-track first legal challenge over loan transfer -> http://www.independent.ie/business/iris ... 59122.html

Quote:
THE first legal challenge to the transfer of loans to the National Asset Management Agency (NAMA) may be moved to the Commercial Court on Monday.
NAMA will seek to have a challenge by businessman Paddy McKillen, and 14 of his companies, moved to the fast-track business court over the proposed transfer of €80m in loans.
Mr Justice Peter Kelly yesterday granted counsel for NAMA and the State permission to seek to transfer the proceedings by Mr McKillen to the court on Monday.
Mr McKillen claims the €80m credit facilities from Bank of Ireland (BOI) are "fully performing", not impaired, and there is no default on repayments. The transfer of the loans would have a "significantly detrimental" impact on his business and property rights.

there is more


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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Sun Jul 18, 2010 10:15 pm 
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Too Big to Fail
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I see no way this guy can win his case, but if he did, oh boy.


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 Post subject: Re: Developer McKillen takes first legal challenge against N
PostPosted: Wed Jul 21, 2010 9:58 am 
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Private Tenant

Joined: Apr 27, 2010
Posts: 37
mr_anderson wrote:
dipole wrote:
I thought a lender could sell their loan book on to whomever they liked at any time. Would a judge want to do anything to prevent this.


Exactly.
There is nothing that can be done.
The bank is the owner of the loan, hence they can sell it to whoever they want.


I think it needs to be in the loan documentation.


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